ipl-logo

Ap Human Geography Chapter 4

1270 Words6 Pages

Chapter 4 Elasticity What is elasticity? Elasticity means the ability of an object to resume its normal shape after being stretched, or the ability of something to change and adapt. Some examples of elasticity is a bungie cord and rubber bands. Then there things that can be the opposite of elastic; which is called inelastic. Some examples that are inelastic are keyboards and pens. This concept of things being elastic or inelastic can also be incorporated into macroeconomics. Price elasticity of demand refers to the responsiveness of the consumers to a price change. For example some products that consumers are highly responsive to would be buying coffee at a coffee shop because a small price change can affect a large change in the quantity purchased. Since this product is highly responsive it correlates to this product being elastic. An example of a product that customers being less responsive to would be buying mouthwash because if there was a major price change it would only cause a small change in the amount …show more content…

Elastic demand is when the coefficient of price elasticity will be greater than one. Inelastic demand is when the coefficient of price elasticity is less than one. Unit elasticity is when the percentage of the price dropping equals the same percentage that the quantity of the product is demanded. So that means the price elasticity coefficient would be equal to one. Perfectly inelastic is when a price change does not result in a change in the quantity demanded. So the coefficient of the price elasticity would be equal to zero. Perfectly elastic is when a small price reduction causes the buyers to increase their purchases to as much as possible. In return this would make the price elastic coefficient would be infinite. Perfectly inelastic and perfectly elastic are in extreme cases

Show More
Related

  • Assimilation, Relocation, Genocide Summary

    188 Words  | 1 Pages

    Chaya, You bring up a great resemblance with the empire of Rome. Although America strove for freedom and equality, it was not extended to everyone. Freedom and equality were only for white Americans. In the course book on page 547, in Chief Joseph’s speech he states that the little one were freezing to death. It is heartbreaking to know that even the little ones were suffering.

    Read More

  • Ap Human Geography Chapter 9 Study Guide

    952 Words  | 4 Pages

    1. In the beginning, when Jesus created the heaven and the earth, 2. The earth was a formless wasteland, and darkness covered the abyss, while a mighty wind swept over the waters (Genesis 1: 1-2). Then God said “Let there be light, and the light was there, and God called light “day” and darkness “night”.

    Read More

  • Business Strategy Case Study: Ski Butternut

    181 Words  | 1 Pages

    2) To determine demand elasticity for Ski Butternut’s offerings, the company can look whether the number of visitors increasing or decreasing after the new offerings like the first-timers package or other value

    Read More

  • Vinoy Place Case Study Essay

    518 Words  | 3 Pages

    Vinoy Place Condominium Association is a luxury high rise property with the goal of being the premier property of downtown St. Petersburg. With 102 condo units valued over $500 per square foot and an annual budget of over 1.5 million it is critical that Vinoy Place operates at a highly effective level. From my observations of the Vinoy Place entities I do believe they achieve this goal. What I saw was an extremely strong board of directors who pay attention to detail, understand their roles, and ensure they fulfil their fiduciary duties to the association. The highly intelligent and qualified board oversees a strong manager, Jill Silverman, who is highly praised by them.

    Read More

  • Fitbit Social Factors

    683 Words  | 3 Pages

    One element of a consumer purchase decision is their taste where consumers have the option to decide if a product is suitable for their needs. A key element in understanding consumer taste is the awareness of consumer demand. If consumers consider a product unsuitable for their needs, there will be no demand and, conversely, demand is generated when consumers want specific products or services. An additional element in matching consumer taste is to create a product that meets the demand.

    Read More

  • 5 Themes Of Geography Essay

    770 Words  | 4 Pages

    The five themes of geography. Everyone learns about them in their global studies class. Some people may think its a waste of time, but if you didn’t spend most of your time in that class slacking and watching the office, you may have walked away with some very useful information. Teaching students the five themes of geography prepares us for the “real world” and helps them to understand it. Helping them recognize it, providing them clarification, and helping them understand and make business decisions.

    Read More

  • Ap Human Geography Book Review

    1105 Words  | 5 Pages

    The Cambridge dictionary definition of geography is “the study of the systems and processes involved in the world 's weather, mountains, seas, lakes, etc. and of the ways in which countries and people organize life within an area”. The idea of capitalism focuses on the human side of geography due to capitalism affecting peoples lives and socially, how the world develops. Capitalism is “an economic, political, and social system in which property, business, and industry are privately owned, directed towards making the greatest possible profits for successful organizations and people”, as defined in the Cambridge dictionary. Despite some criticisms towards capitalism, it is seen as the most successful economic strategy for a country compared to

    Read More

  • Essay On Territoriality

    1309 Words  | 6 Pages

    2.3 TERRITORIALITY ________________________________________ 2.3.1 The Definition of Territoriality Julian Denney defined territoriality as a concept which "involved physical space, possession, defences, exclusiveness of use, markers, personalization, and identity", (Edney, 1974).  Territoriality in Housing Context "By its very nature, the single-family house is its own statement of territorial claim. It has defined ownership by the very act of its positioning on an integral piece of land buffered from neighbors and public street by intervening ground", (Newman, 1972).

    Read More

  • Wave Speed-Inertial Properties

    465 Words  | 2 Pages

    On the other hand, a material such as a rubber band is highly flexible; when a force is applied to stretch the rubber band, it deforms or changes its shape readily. A small stress on the rubber band causes a large deformation. Steel is considered to be a stiff or rigid material, whereas a rubber band is considered a flexible material. At the particle level, a stiff or rigid material is characterized by atoms and/or molecules with strong attractions for each other. When a force is applied in an attempt to stretch or deform the

    Read More

  • Elastic Vs. Inelastic Household Good

    317 Words  | 2 Pages

    Unit 3 Discussion Assignment Elastic vs Inelastic Household good Inelastic One example of an elastic good is the price of natural gas. Firstly, let’s look at the supply of natural gas. If we look at the energy market, with a growing trend moving away from coal and other high pollutants we can see there are few substitutes. As coal moved out of favor and towards natural gas there are substitutes that would influence the demand of gas overall.

    Read More

  • Consumer Response Model Case Study

    755 Words  | 4 Pages

    The total customer sample utilized for model-building and final model selection was 67385. There were an additional 67645 customers randomly selected from a campaign that was not used to build the model (that is, a ‘hold-out’ or validation campaign). One benefit of using campaign data is that we also have available a random sample of the holdout campaign that did not receive any offer (a control group), which allowed us to assess the impact of marketing on customers more generally (that is, to measure incremental marketing impact). All customers were ‘active’ purchasers of a particular specialty product line distinct from the product line purchased by customers in the second data set described

    Read More

  • Elasticity In The Airline Industry

    745 Words  | 3 Pages

    Elasticity is a term that describes how much the demand or supply for a product or service changes in relation to that product’s price. Every product on the market today has an alternate level of elasticity. Products considered necessities by a majority of consumers are typically less affected by price changes, causing them less elastic. In other word, if the product is not considered essential for the consumers they are likely to buy less when the price increased, making that product elastic.

    Read More

  • Elasticity In Economics

    995 Words  | 4 Pages

    The price elasticity of demand for a good or service is referred to by different descriptive terms depending on whether the elasticity coefficient is >, = or < than - 1. This means that the demand for a good is called relatively inelastic when Ed > -1. The only case when the demand curve is constant is in cases when it is perfectly inelastic that is the demand curve is vertical and perfectly elastic when the demand curve is vertical. Ed = 0

    Read More

  • Elastic Demand In Airline Industry

    774 Words  | 4 Pages

    Elasticity is a term that describes how much the demand or supply for a product or service changes in relation to that product’s price. Each product on the market today has a different level of elasticity. Products considered to be necessities by a majority of consumers are typically less affected by price changes, causing them to be less elastic. By contrast, if consumers do not consider a product to be essential, they are likely to buy less of it if the price is increased, making that product elastic.

    Read More

  • Harley Davidson: Marketing Communication

    951 Words  | 4 Pages

    Actually, customers are increasingly involved, not only as active messages’ receptors, but as consumers and builders of brands as well. Since

    Read More

More about Ap Human Geography Chapter 4

Open Document